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wiZd0m 06-15-2003 08:09 AM

How to SetUp yourself to avoid Taxes
 
I live in canada, I need to establish a presence in USA, and perhaps have my money go oversee to avoid paying as much taxes as possible. Where I live in Quebec, it's one of the worse place in the world for taxes.

If you know where to point me out to, just let me know or tell me where to contact you.

iroc409 06-15-2003 08:10 AM

buy an island, get rid of all your citizenships.

whee 06-15-2003 08:14 AM

What's the avarage tax percentage in Quebec ???
<br>

wiZd0m 06-15-2003 08:19 AM

Quote:

Originally posted by whee
What's the avarage tax percentage in Quebec ???
<br>

Provincial:
http://www.revenu.gouv.qc.ca/eng/par...impot/taux.asp

Federal Gov is similar and you have to add 15% sales tax on everything you buy.

SPIKE326 06-15-2003 08:59 AM

Move to antartica, and give your passport to a polar bear.

GrimShawn 06-15-2003 09:00 AM

Quote:

Originally posted by SPIKE326
Move to antartica, and give your passport to a polar bear.

I'd go with a Penguin, Polar bears scare people

Bucho 06-15-2003 09:05 AM

Quote:

Originally posted by wiZd0m
Where I live in Quebec, it's one of the worse place in the world for taxes.

its a tax-heaven compared to denmark...

whee 06-15-2003 09:08 AM

Quote:

Originally posted by wiZd0m


Provincial:
http://www.revenu.gouv.qc.ca/eng/par...impot/taux.asp

Federal Gov is similar and you have to add 15% sales tax on everything you buy.

Your in heaven my friend... We pay 25% sale tax and 40% income tax. The income tax depends on how much you earn, if you earn over a certain amount, the income tax is 65%. Otherwise it's around avarage 40%-55% income tax.
So enjoy your rates and pay your tax with pleasure!
:glugglug
<br>

Gunni 06-15-2003 09:10 AM

get an anonymous debit card and get all your revenue put in there :glugglug

foe 06-15-2003 09:18 AM

leave the country

NOTR 06-15-2003 09:32 AM

That's one montrealer I dont have on my list.

Hit me up.

107027405:thumbsup

besterman 06-15-2003 09:49 AM

Ok, I will only provide this tip once so listen up!

The best and only way to handle your estate in such a way that results in virtually no taxes and virtually complete asset protection/privacy is to have an offshore corporation owned by an offshore trustee company. In other words, you must give up the notion of ownership and replace it with the notion of control. In effect, its the same, in legal terms its a world of difference.

mule 06-15-2003 10:01 AM

Start a TGP so that you can prove that your losses exceed your income.

smut monger 06-15-2003 10:15 AM

scorpion3600: could you provide some details? I'm really interested in this issue.

J.

jennycards 06-15-2003 10:31 AM

Quote:

Originally posted by scorpion3600
Ok, I will only provide this tip once so listen up!

The best and only way to handle your estate in such a way that results in virtually no taxes and virtually complete asset protection/privacy is to have an offshore corporation owned by an offshore trustee company. In other words, you must give up the notion of ownership and replace it with the notion of control. In effect, its the same, in legal terms its a world of difference.

The problem is: As soon as you take out money from that offshore trust you either have to pay full income tax or commit a tax crime.

detoxed 06-15-2003 10:39 AM

he is trying to commit a tax crime i think

Quotealex 06-15-2003 10:41 AM

Why don't you buy as much RRSP as possible, then consult with a tax account/lawyer to locate the loopholes available Quebec/Canada to further lower your taxes?

Quotealex 06-15-2003 10:47 AM

Are you the same WiZdom the moderate the other board? I always tought you lived Europe!

wiZd0m 06-15-2003 10:52 AM

Quote:

Originally posted by Alex from Montreal
Why don't you buy as much RRSP as possible, then consult with a tax account/lawyer to locate the loopholes available Quebec/Canada to further lower your taxes?
Because after you chipped in 75k CAN, you can't get any other break on that.

There is only so much you can do :(

blofer80 06-15-2003 10:52 AM

Quote:

Originally posted by mule
Start a TGP so that you can prove that your losses exceed your income.
lol :1orglaugh

NBDesign 06-15-2003 10:53 AM

Quote:

Originally posted by wiZd0m
I live in canada, I need to establish a presence in USA, and perhaps have my money go oversee to avoid paying as much taxes as possible. Where I live in Quebec, it's one of the worse place in the world for taxes.

If you know where to point me out to, just let me know or tell me where to contact you.

Sure... partner up with me... I'll help you out. :thumbsup

wiZd0m 06-15-2003 10:55 AM

Quote:

Originally posted by Alex from Montreal
Why don't you buy as much RRSP as possible, then consult with a tax account/lawyer to locate the loopholes available Quebec/Canada to further lower your taxes?

I used 3 accountants this year, and I'm still looking for one that is specialised with what I'm doing. If you know one, just drop he his phone number.

wiZd0m 06-15-2003 10:58 AM

Quote:

Originally posted by mule
Start a TGP so that you can prove that your losses exceed your income.
This is a serious question. Now if thats all you can contribute, just open you own thread "I lose money on TGP daily", I'm sure you will find many others to join you in.

PotentMind 06-15-2003 11:01 AM

what are taxes :1orglaugh

Hansm 06-15-2003 11:02 AM

keep your mouth man, im paying 59% tax

19% sales tax and 40% income tax.

im living in the fucking netherlands

mule 06-15-2003 11:06 AM

Quote:

Originally posted by wiZd0m


This is a serious question. Now if thats all you can contribute, just open you own thread "I lose money on TGP daily", I'm sure you will find many others to join you in.

LOL, yep, a serious question from someone asking for advice in breaking the law :1orglaugh :1orglaugh :1orglaugh

wiZd0m 06-15-2003 11:09 AM

Quote:

Originally posted by mule

LOL, yep, a serious question from someone asking for advice in breaking the law :1orglaugh :1orglaugh :1orglaugh

Breaking the law? Did I say Advice on FRAUDING?

I said to Avoid paying taxes as much as possible.


Get a clue bat; apply as necessary.

mule 06-15-2003 11:11 AM

Quote:

Originally posted by wiZd0m


Breaking the law? Did I say Advice on FRAUDING?

I said to Avoid paying taxes as much as possible.


Get a clue bat, and apply as necessary.

Tax evasion is legal in Canada? Cool, I'm moving :)

Manga1 06-15-2003 11:14 AM

Quote:

Originally posted by mule

Tax evasion is legal in Canada? Cool, I'm moving :)

Tax "evasion" is illegal.

Tax "avoidance" is legal.

He asked how to "avoid" taxes, not "evade" them.

besterman 06-15-2003 11:16 AM

Quote:

Originally posted by jennycards
The problem is: As soon as you take out money from that offshore trust you either have to pay full income tax or commit a tax crime.
You can't really take money out of that trust, because it does not belong to you, you are not the owner of it.

You can accept the trust's decision to make an "investment" or pay you a consulting fee.

Either way, the personal tax you pay is tiny.

mule 06-15-2003 11:18 AM

Quote:

Originally posted by Manga1


Tax "evasion" is illegal.

Tax "avoidance" is legal.

He asked how to "avoid" taxes, not "evade" them.

Well, I'm sure the canadian version of the IRS will be happy to tell him :glugglug

Darrell 06-15-2003 11:19 AM

Quote:

Start a TGP so that you can prove that your losses exceed your income.
:1orglaugh :1orglaugh :1orglaugh

wiZd0m 06-15-2003 11:21 AM

Quote:

Originally posted by Alex from Montreal
Are you the same WiZdom the moderate the other board? I always tought you lived Europe!
No I dont live in Europe but I like to go there :) I'm from Montreal like my profile says.

SleazyDream 06-15-2003 11:21 AM

pay your taxes.

mule 06-15-2003 11:22 AM

Quote:

Originally posted by SleazyDream
pay your taxes.
:thumbsup

wiZd0m 06-15-2003 11:27 AM

Quote:

Originally posted by SleazyDream
pay your taxes.
I do. All of them.

But why pay more then I have to ?

DarkJedi 06-15-2003 11:28 AM

Quote:

Originally posted by Manga1


He asked how to "avoid" taxes, not "evade" them.


same difference.

jennycards 06-15-2003 11:35 AM

Quote:

Originally posted by scorpion3600


You can't really take money out of that trust, because it does not belong to you, you are not the owner of it.

You can accept the trust's decision to make an "investment" or pay you a consulting fee.

Either way, the personal tax you pay is tiny.

With a serious annual income (=consulting fee) it would be some 50% in most parts of Europe.

Quotealex 06-15-2003 11:46 AM

Quote:

Originally posted by wiZd0m



I used 3 accountants this year, and I'm still looking for one that is specialised with what I'm doing. If you know one, just drop he his phone number.

I retain the services of McCathy Tetrault LLP for all my tax legal matters. They are located at 1170 Peel Street in Montreal (phone: 514-397-4100).

wiZd0m 06-15-2003 11:50 AM

Quote:

Originally posted by Alex from Montreal

I retain the services of McCathy Tetrault LLP for all my tax legal matters. They are located at 1170 Peel Street in Montreal (phone: 514-397-4100).

Thats very good
http://www.mccarthy.ca/fr/practicear...0&OfficeCd=any

quiet 06-15-2003 11:51 AM

live on a raft in international waters

wiZd0m 06-15-2003 11:51 AM

I'll contact them Monday, should i mentioned you reffered me?

wiZd0m 06-15-2003 11:53 AM

Quote:

Originally posted by quiet
live on a raft in international waters

Who do you use Quiet ?

SleazyDream 06-15-2003 11:55 AM

Quote:

Originally posted by wiZd0m



Who do you use Quiet ?


no disrespect Quiet but not sure I'd trust Quiet's financial advisors, after hearing about his GST problems.....

wiZd0m 06-15-2003 11:58 AM

Quote:

Originally posted by SleazyDream



no disrespect Quiet but not sure I'd trust Quiet's financial advisors, after hearing about his GST problems.....

Would you point me out to the refferece Sleazy? I missed that thread obviously.

The Alibi 06-15-2003 12:01 PM

Quote:

Originally posted by Manga1


Tax "evasion" is illegal.

Tax "avoidance" is legal.

He asked how to "avoid" taxes, not "evade" them.

Tax evasion and avoidance are the same. You mean tax minimization.

SleazyDream 06-15-2003 12:01 PM

Quote:

Originally posted by wiZd0m


Would you point me out to the refferece Sleazy? I missed that thread obviously.

finding the thread would take me too long.

basically ( and this is a BRIEF BREIF summary) they told him he didn't have to charge GST on his sales. Later he got a BIG bill from the GST dept. Legal battle followed....

Quotealex 06-15-2003 12:03 PM

Quote:

Originally posted by wiZd0m


Thats very good
http://www.mccarthy.ca/fr/practicear...0&OfficeCd=any

I didn't know you spoke French!:) These folks know what they are doing, but don't go there in jeans and t-shirt and tell them you don't want to pay any income taxes.

wiZd0m 06-15-2003 12:07 PM

Quote:

Originally posted by SleazyDream


finding the thread would take me too long.

basically ( and this is a BRIEF BREIF summary) they told him he didn't have to charge GST on his sales. Later he got a BIG bill from the GST dept. Legal battle followed....

Thats very interesting you came and mentioned this.

Quiet, would you care to enlightent me with more details? I am about to set up a us presence for processing, and I dont want to face the same shortcommings.

wiZd0m 06-15-2003 12:09 PM

Quote:

Originally posted by Alex from Montreal


I didn't know you spoke French!:) These folks know what they are doing, but don't go there in jeans and t-shirt and tell them you don't want to pay any income taxes.

I'm also fluent in Italian :)


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